NuStar paying $425 mln for Eagle Ford assets

SteveGelsi

NEW YORK (MarketWatch) -- NuStar Energy L.P.
NS, +0.79%
said Thursday it'll pay $425 million to TexStar Midstream Services L.P. for crude oil pipeline, gathering and storage assets, as well as liquid natural gas assets, in the Eagle Ford shale of Texas. The San Antonio, Texas, company said the transactions will likely be financed under its credit facility and junior subordinated notes. Separately, NuStar said it plans to sell its San Antonio refinery and terminal in Elmendorf, Texas. "The TexStar acquisition and refinery divestiture are the next critical steps in our strategic redirection of NuStar away from the margin-based refining and marketing business in order to further grow our fee-based pipeline and storage operations through internal growth projects and acquisitions," the company said.

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